The FCS has secured two orders to return over £130,000 to investors in two unauthorised collective investment schemes.
The orders relate to a UCIS operated by Synergy Land Group Limited and a separate CFD operation through 24HR Trading Academy Ltd.
Investors in the UCIS established and operated by Synergy Land Group Limited between the end of 2009 and May 2011 will receive a payout after the High Court granted a distribution order to the regulator.
The regulator has recovered approximately £27,000 after Synergy director Samuel Exall was ordered to sell assets.
Investors sunk approximately £2.8m into the scheme.
The FCA commenced civil action against Synergy and Mr Exall following an investigation in June 2011.
Mr Exall was subsequently prosecuted by the City of London Police for conspiracy to commit fraud relating to his involvement in a number of land banking schemes and in October 2016 he was convicted and sentenced to 4 years in prison.
Anyone who invested in the Synergy scheme and has not been in contact with the FCA or been notified by the regulator that a payment will be made to them should make contact by 17 July 2023 at This email address is being protected from spambots. You need JavaScript enabled to view it..
The FCA also secured permission from the High Court to distribute funds obtained from 24HR Trading Academy Ltd director Mohammed Maricar.
24HR Trading Academy provided unlawful contracts for difference forex trading promotions.
The regulator received £106,650.58 from the official received over Mr Maricar’s bankruptcy estate in September.
In or around 2019, 24HR Trading Academy and Mr Maricar unlawfully provided trading signals to consumers for a fee. The trading signals were sent via WhatsApp and contained recommendations for trading in CFDs relating to currencies and commodities.
Clients were also encouraged to sign up with CFD trading platforms via links, resulting in commissions being paid to Mr Maricar.
The High Court found that this activity amounted to unlawful investment advice and unlawful arrangement of investments.
In March 2021, the High Court Ordered that Mr Maricar pay £530,000 by way of restitution for the benefit of consumers. Mr Maricar failed to pay this sum, and so the FCA petitioned for his bankruptcy.
The FCA does not expect further funds to be recovered in either case.
Therese Chambers, executive director of enforcement and market oversight at the FCA, said: “Tackling financial crime and securing redress for victims is a priority for us. Consumers should always check our Register and be very wary of unauthorised firms, as they present a very high risk with no guarantee of compensation if things go wrong. Often funds invested are completely lost.”
